Blackthorne: Acquires assets of leading pallet recycler

Firm Plans for Growth under New Name, Pallet USA

Milwaukee, WI – July 12, 2011 – Blackthorne Partners Ltd., a Milwaukee-based private equity firm, has acquired the assets of a leading southeastern Wisconsin pallet recycler and is making numerous investments aimed at accelerating growth.

JPRS New Way, based in Lannon, WI, sold its assets to an investor group led by Blackthorne, which has begun operations under the name Pallet USA, LLC. The purchase, which closed May 12, includes all operating and real estate assets of the business – a turnkey pallet recycling and reconditioning facility that has been in operation for over 25 years.

In the highly fragmented wood pallet industry, Blackthorne and the investor group anticipate multiple opportunities to increase both sales and profits at Pallet USA, LLC through an organic growth and acquisition strategy.

“With the economy turning a corner, more goods are being shipped and demand for pallets is increasing,” said John Syburg, founder and president of Blackthorne Partners. “We’ll be making a series of investments in Pallet USA, LLC aimed at capturing these growth opportunities and building a competitive edge.”

Blackthorne’s planned investments include:

* Additional working capital to help manage inventory levels to better serve its customer base.

* An aggressive, professional sales and marketing effort.

* New financial and operating systems and controls to increase profitability.

Pallet USA, LLC is a buyer and supplier of used wooden pallets serving a wide range of customers throughout southeastern Wisconsin. The new owners plan to expand the company’s reach into Madison, Green Bay and other areas.

About Blackthorne Partners Ltd.: Blackthorne Partners is a private equity and direct investment firm based in Milwaukee, WI, that provides unique investment opportunities in small, niche companies that are under the radar of traditional private equity firms. The firm supports this approach through the steadfast due diligence of a seasoned team that combines extensive investment experience with deep operational knowledge that advances the success of both its investors and the companies in which it invests. For more information, visit http://www.blackthornepartners.com.